People: Trio of senior execs depart UBS investment bank

UBS reshuffle; Icap chief exec departs; Green leaves Lloyds for Scotiabank

Chris Murphy: leaving UBS

UBS has reshuffled its investment bank management committee, resulting in the departure of three senior executives. They are: Chris Murphy, the Swiss bank's London-based global co-head of foreign exchange, rates and credit; Roger Naylor, London-based global co-head of equities; and Matthew Hanning, Hong Kong-based head of corporate client solutions for Asia-Pacific.

Murphy first joined UBS in 2009 as global head of interest rate derivatives trading. Prior to that, he was European head of rates trading at Morgan Stanley. He recently spoke to Risk.net about fears that liquidity could dry up in the non-cleared swaps market.

Naylor started at UBS in 2012. He had previously worked for Deutsche Bank, joining the German bank as a graduate and rising to become global head of equity derivatives and equity risk.

Meanwhile, Hanning joined UBS in 2006 from Morgan Stanley, originally serving as head of mergers and acquisitions for Asia-Pacific.

Both Murphy and Naylor's roles will be taken on by their respective co-heads: Zurich-based George Athanasopoulos will become sole head of forex, rates and credit, while New York-based Robert Karofsky will become co-head of global equities.

Sam Kendall, global head of equity capital markets, will succeed Hanning as head of corporate client solutions for Asia-Pacific and is based in Hong Kong.

The moves were announced internally in June, but it is understood Murphy and Hanning will stay for a limited period of time to ensure a smooth transition. Naylor is due to leave the bank in September.

In a separate move at UBS, Justin Knight, head of European rates strategy, also left the Swiss bank in July, a spokesperson confirms.

London-based Knight had been with the bank since 2009 and previously worked as a proprietary trader at trading firm Infinity Capital Markets.

It is not known where he is headed.

Nishay Patel, a London-based European rates strategist, has been appointed to replace Knight. In his new position, he reports to Themos Fiotakis, global co-head of foreign exchange and fixed-income research at UBS.

Gil Mandelzis, chief executive of Icap's electronic foreign exchange and fixed-income business EBS BrokerTec, is to leave the London-based broker.

Mandelzis was due to step down on July 21, but will remain in his position until a replacement is found.

In 2000, Mandelzis co-founded post-trade services firm Traiana, which he sold to Icap in 2007. He was later appointed chief executive of EBS in 2012, replacing David Rutter.

Meanwhile, Jim Iorio, former global head of forex and commodities distribution at Barclays, has joined EBS BrokerTec as global head of sales.

New York-based Iorio left Barclays in December last year, having worked for the UK bank for seven years. He currently reports to Mandelzis.

 

Andrew Green has left Lloyds Banking Group after almost eight years to join Scotiabank in a newly created role as lead quant for derivatives valuation adjustments, or XVAs.

He was previously head of credit valuation adjustment (CVA) and funding valuation adjustment (FVA) quantitative research at the UK bank.

Green joins the Canadian lender's global analytics and financial engineering team and will lead the development of a new XVA pricing model for the bank.

Prior to joining Lloyds in 2008, he was founding head of the CVA quant team at Barclays, having held a number of quantitative finance roles at the bank since 1996.

Green recently co-edited the book Landmarks in XVA: from counterparty risk to funding costs and capital, published by Risk Books, which draws upon major research that has led to the evolution of XVA pricing.

Digital Asset, the crypto-currency start-up headed by former JP Morgan executive Blythe Masters, has hired Gavin Wells as head of Europe.

Wells previously served as head of ForexClear, a subsidiary of London-based clearing house LCH, a position he had held since 2011. Before he joined LCH, Wells spent 15 years at Citi in a number of senior roles including global head of foreign exchange spot and forwards and global head of forex electronic commerce.

He left ForexClear in March, along with former head of product Basu Choudhury. In May, Daniel Maguire was promoted to global head of rates and forex derivatives at LCH, taking over Wells' responsibility for ForexClear.

In his new position at Digital Asset, Wells is based in London and reports to Chris Church, chief business development officer.

BNY Mellon has appointed Hani Kablawi as head of investment services for Europe, the Middle East and Africa (Emea).

Kablawi was previously London-based head of asset servicing for Emea at the US-based custodian. In his new role, he will lead business strategy for services and products including assets, alternative investment, corporate trust, broker-dealer, depositary receipts and treasury. He will report to Brian Shea, chief executive of investment services, and Michael Cole-Fontayn, chairman of Emea.

Daron Pearce will replace Kablawi as chief executive of asset servicing for Emea. Pearce has worked at the bank since 2000, most recently as London-based chief executive of global financial institutions for asset servicing. He will report to Kablawi and Samir Pandiri, chief executive of asset servicing.

Citi has hired Vincent Folloit as co-head of its strategic equity solutions business in Europe, the Middle East and Africa (Emea).

Folloit previously worked in the strategic equity solutions business at Bank of America Merrill Lynch. Prior to that, he served in the corporate equity derivatives team at Deutsche Bank.

At Citi, he will work alongside Alessandro Amicucci, co-head of strategic equity solutions for Emea, who was recently promoted to the role from the corporate equity derivatives team at the US bank. Prior to joining Citi in 2009, Amicucci had been a senior originator in the equity derivatives team at Morgan Stanley.

Both Amicucci and Folloit took up their new roles in July and are based in London. They report to Tim Gately, head of equities for Emea, and Stephen Roti, global head of corporate equity derivatives.

Sean McKessy, the first chief of the US Securities and Exchange Commission (SEC) Office of the Whistleblower, left the agency in July.

The Office of the Whistleblower was founded in 2011 under the US Dodd-Frank Act to encourage the reporting of fraud and other violations of securities law.

Prior to his appointment there, McKessy served as corporate secretary for Virginia-based tobacco firm Altria Group and as securities counsel for Illinois-based construction equipment firm Caterpillar. He was a senior counsel in the enforcement division at the SEC from 1997 to 2000.

Jane Norberg, deputy chief of the Office of the Whistleblower, has been made acting chief following his departure.

 

Colin Bennett, former head of equity and index product development at Eurex, has been appointed by Deutsche Bank as a senior derivatives strategist.

Bennett joined Deutsche Bank's London office in July and reports to Simon Carter, head of equity derivatives strategy for Europe.

He had been with the Frankfurt-based exchange since 2015. Prior to that, he worked as a strategist and researcher at banks including Santander, Barclays and Dresdner Kleinwort.